Emission Permits Rise; Bush Calls for Climate-Change Targets
By Lars Paulsson and Mathew Carr
June 1 (Bloomberg) -- European Union carbon-dioxide permits jumped as German power rose and after President George W. Bush proposed a new round of talks to set targets by next year for cutting greenhouse-gas emissions.
An Australian government report today recommended that the island nation introduce a carbon-emissions trading system in 2011 and by 2012 ``at the latest,'' potentially boosting demand for credits managed by the United Nations in the five years starting 2008.
Emission permits for delivery next year rose 80 cents, or 3.5 percent, to 23.80 euros ($32) a metric ton, according to prices from the European Climate Exchange in Amsterdam at 9:29 a.m. local time.
In a speech in Washington yesterday, Bush softened his past opposition to setting global goals to cut pollution, calling for new talks to ``establish a new framework'' for 2012, when the Kyoto Protocol on emissions expires.
``My proposal is this: by the end of next year America and other nations will set a long-term global goal for reducing greenhouse gases,'' Bush said in an address yesterday that set out the U.S. agenda for next week's meeting of the Group of Eight industrial nations in Heiligendamm, Germany.
Australian Prime Minister John Howard said today his country ``cannot wait for a coordinated global response.''
``The government's response to this report will be measured and balanced but will ensure Australia plays her part in tackling climate change,'' Howard said in a statement.
The 1997 Kyoto Protocol, an agreement between nations to curb global warming, has a compliance period that runs for the five years through 2012. Bush walked away from the agreement in 2001, citing costs to the economy.
Japan welcomed Bush's proposal to cut greenhouse gas emissions, Chief Cabinet Secretary Yasuhisa Shiozaki said today.
Higher power prices makes generating more attractive, which can boost demand for EU emission allowances needed when burning coal and natural gas. Germany baseload power for next year rose 40 cents, or 0.7 percent to 56.40 euros a megawatt-hour, according to prices from broker GFI.
By Lars Paulsson and Mathew Carr
June 1 (Bloomberg) -- European Union carbon-dioxide permits jumped as German power rose and after President George W. Bush proposed a new round of talks to set targets by next year for cutting greenhouse-gas emissions.
An Australian government report today recommended that the island nation introduce a carbon-emissions trading system in 2011 and by 2012 ``at the latest,'' potentially boosting demand for credits managed by the United Nations in the five years starting 2008.
Emission permits for delivery next year rose 80 cents, or 3.5 percent, to 23.80 euros ($32) a metric ton, according to prices from the European Climate Exchange in Amsterdam at 9:29 a.m. local time.
In a speech in Washington yesterday, Bush softened his past opposition to setting global goals to cut pollution, calling for new talks to ``establish a new framework'' for 2012, when the Kyoto Protocol on emissions expires.
``My proposal is this: by the end of next year America and other nations will set a long-term global goal for reducing greenhouse gases,'' Bush said in an address yesterday that set out the U.S. agenda for next week's meeting of the Group of Eight industrial nations in Heiligendamm, Germany.
Australian Prime Minister John Howard said today his country ``cannot wait for a coordinated global response.''
``The government's response to this report will be measured and balanced but will ensure Australia plays her part in tackling climate change,'' Howard said in a statement.
The 1997 Kyoto Protocol, an agreement between nations to curb global warming, has a compliance period that runs for the five years through 2012. Bush walked away from the agreement in 2001, citing costs to the economy.
Japan welcomed Bush's proposal to cut greenhouse gas emissions, Chief Cabinet Secretary Yasuhisa Shiozaki said today.
Higher power prices makes generating more attractive, which can boost demand for EU emission allowances needed when burning coal and natural gas. Germany baseload power for next year rose 40 cents, or 0.7 percent to 56.40 euros a megawatt-hour, according to prices from broker GFI.
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